My Money Management
Managing your financial aid - Planning for today, and tomorrow
While student loans* may be available to you, exercise caution before signing up for the maximum loan for which you qualify. Remember, this is debt that must eventually be repaid.
Look for ways to cut costs and only borrow the minimum amount you need. Be conscious of the total amount you will borrow by the time you graduate, the total cost of your loan, and the monthly payments that will be required once you enter repayment. In short, be smart about the debt you are taking on and budget your expenses appropriately after graduation.
Any cash you pay now can help you to accumulate less debt and ease your financial burden in the future. Even the smallest amount that you can put toward your education today can save you hundreds of dollars over time.
* Financial aid is available for those who qualify.
Loan repayment options
The Department of Education offers several options to qualifying students when it comes time to repay federal student loans. Plans vary from Income-Based Repayment Plans to a Graduated Repayment Plan that starts with a low monthly payment and increases every two years. For more information on these and all repayment plan options, watch the videos below*.
* The information and opinions expressed herein represent the independent opinions and ideas of iGrad and do not represent the opinions or ideas of Argosy University.
Loan repayment calculator
Student loans may seem to be a convenient option for students, but it is important to know how loan fees and interest rates can increase your total amount owed. To better understand how much your education may cost over time, visit the loan repayment calculator here.
Students and parents may take advantage of certain tax benefits related to higher education, including but not limited to the following.
The student loan interest deduction can reduce the taxable income of many student and parent loan borrowers based on the amount of interest paid by the borrower or on the borrower's behalf over the tax year.
The American Opportunity and Lifetime Learning tax credits can allow many taxpayers to claim a credit against their federal income taxes for college tuition and fees paid during the tax year.
For more information, please contact your tax professional.
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